It is time for some change of power at the higher level in Allahabad Bank. The bank stated in a press release that Mr Tilak Raj Chawla has joined as the new Executive Director for Allahabad bank. Mr. Chawla will be replacing Mr D. Sarkar, who has now joined Union Bank of India as the Chairman and Managing Director.

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Coming to the previous experience of Mr Chawla, he has an MBA on Finance and started his career with Punjab national Bank and then moved to Dena Bank where he held various key postions.

Also, there is a new Executive Director for Union Bank of India. Mr Deepak Narang who was the General Manger-Credit of Allahabad Bank joined Union Bank of India as the ED.

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Looking at these latest developments, it can be deducted easily that all major banks want a more effective management of all the funds under them and better returns on the money of investors and customers. For all this to happen, the best in the industry have to brought in no doubt!